Earnings - 27th Feb 2009

8:21AM Calgon Carbon beats by $0.04, beats on revs (CCC) 12.65 : Reports Q4 (Dec) earnings of $0.15 per share, $0.04 better than the First Call consensus of $0.11; revenues rose 8.0% year/year to $102.4 mln vs the $96.2 mln consensus. Equipment sales increased by 45.3%, due to higher demand for ion exchange, carbon adsorption, odor control, and ultraviolet light systems. Consumer sales for the fourth quarter of 2008 declined by 49.0% due to production problems that limited the output of activated carbon cloth and due to lower demand for both carbon cloth and PreZerve products.

7:43AM Dril-Quip misses by $0.06, misses on revs; guides Q1 EPS below consensus (DRQ) 21.35 : Reports Q4 (Dec) earnings of $0.64 per share, $0.06 worse than the First Call consensus of $0.70; revenues rose 2.0% year/year to $135.5 mln vs the $143.4 mln consensus. Co issues downside guidance for Q1, sees EPS of $0.55-0.65, excluding non-recurring items, vs. $0.71 consensus. Co also announced that its backlog at December 31, 2008 was approximately $603 mln, compared to its December 31, 2007 backlog of approximately $429 mln.

7:37AM James River Coal misses by $0.44, misses on revs; guides FY09 EPS in-line (JRCC) 11.43 : Reports Q4 (Dec) loss of $1.26 per share, $0.44 worse than the First Call consensus of ($0.82); revenues rose 12.9% year/year to $140.8 mln vs the $151.8 mln consensus. Co issues in-line guidance for FY09, sees EPS of $3.30-3.80 vs. $3.61 consensus. Co announces average sales price in CAPP YTD 2009 $90.13 per ton Compared with $57.66 per ton in Q408. As of December 31, 2008, the co had available liquidity of $ 3.4 mln. This amount included $3.3 mln of cash on hand and $0.1 mln of net availability under the Revolver.

7:34AM AMAG Pharma beats by $0.17, beats on revs (AMAG) 29.02 : Reports Q4 (Dec) loss of $1.28 per share, $0.17 better than the First Call consensus of ($1.45); revenues rose 50.0% year/year to $0.6 mln vs the $0.4 mln consensus.

7:31AM Endo Pharm beats by $0.12, beats on revs; guides FY09 EPS in-line, revs in-line (ENDP) 19.93 : Reports Q4 (Dec) earnings of $0.71 per share, excluding non-recurring items, $0.12 better than the First Call consensus of $0.59; revenues rose 14.0% year/year to $347.3 mln vs the $334.1 mln consensus. Co issues in-line guidance for FY09, sees EPS of $2.59-2.67 vs. $2.60 consensus; sees FY09 revs of $1.39-1.44 bln vs. $1.41 bln consensus. Co also announces that it has licensed from Grunenthal the exclusive rights to develop and market the investigational drug axomadol in the United States and Canada. Under the license agreement signed by both companies, Endo will pay Grunenthal an upfront cash payment as well as additional payments to Grunenthal that are linked to the achievement of future clinical, regulatory and commercial milestones.

6:35AM EMC Insurance Group beats by $0.21; guides FY09 EPS above single analyst est (EMCI) 18.10 : Reports Q4 (Dec) earnings of $0.42 per share, excluding non-recurring items, $0.21 better than the First Call consensus of $0.21. Co issues upside guidance for FY09, sees EPS of $1.45-1.70 vs. $1.17 single analyst est. Premiums earned decreased 0.9 percent to $101,313,000 for the three months ended December 31, 2008 from $102,240,000 for the same period in 2007. Co says, "Operating income for 2008 was negatively impacted by a record amount of catastrophe and storm losses. Net income was further negatively impacted by a record amount of "other-than-temporary" investment impairment losses generated by the severe and prolonged turmoil in the financial markets. On the positive side, our loss and settlement expense reserves remain at a very adequate level and our financial condition continues to be very strong."

1:59AM Insituform Tech beats by $0.01, reports revs in-line; guides FY09 EPS in-line (INSU) 12.41 : Reports Q4 (Dec) earnings of $0.23 per share, excluding non-recurring items,$0.01 better than the First Call consensus of $0.22; revenues rose 5.6% year/year to $137.3 mln vs the $137 mln consensus. Co issues in-line guidance for FY09, sees EPS of 0.90-0.95, excluding non-recurring items, vs. $0.93 consensus. Co expects to deliver profitability improvement from every operating segment in 2009. Co will give more specific guidance with respect to the impact of the acquisitions and recently completed equity offering once they have closed both acquisitions and have been able to finalize the appropriate operating plans with senior management team. Total contract backlog declined to $249.1 mln at December 31, 2008 compared to $292.9 mln at September 30, 2008. The December 31, 2008 level of backlog was lower than total contract backlog of $259.0 mln at December 31, 2007.

1:51AM GMX Resources reports Q408 results (GMXR) 19.18 : Reports Jan (Q4) loss of $0.04 per share, excluding non-recurring items, better than First Call consensus of $(0.06); revenues increased 13.7% year/year to $24.09 mln vs the $21.31 mln consensus. GMXR's 2009 CAPEX budget is $220 mln which includes approx 25 net H/B Hz wells in 2009. 98% of the 2009 drilling program will be focused on the Haynesville/Bossier horizontal drilling program which has the co's highest expected rate of return. FY09 is 24 Bcfe, an estimated 86% growth over 2008, and 2.8 Bcfe in 1Q09, with only two H/B Hz completions. Four H/B Hz completions are projected for 2Q09. The co is also transitioning to four H&P FlexRigs for its H/B Hz wells which should provide efficiencies in reducing drilling days, lowering costs and increasing the number of wells drilled per year. Based on a Henry Hub price of $5.10 per Mmbtu for natural gas and $40 per barrel of oil, the co expects to generate oil and natural gas sales revenue, including hedges, of approx $153.3 mln, discretionary cash flow of $100.0 mln, and EBITDA of $114.1 mln.